Dijaya sees lower net profit of RM49.41m

KUALA LUMPUR: Dijaya Corp Bhd posted a net profit of RM36 million for its fourth quarter (4Q 2010) ended Dec 31, 2010, ending its financial year (FYE 2010) with a cumulative RM49.41 million.

Its net profit for FYE 2010 was lower than the RM59.46 million recorded in FYE 2009, said Dijaya on Monday, Feb 21 in a Bursa Malaysia announcement.

Dijaya recorded revenue of RM101.90 million for 4Q 2010, and a total revenue of RM292.24 million for its FYE 2010, which reflected a 6.26% decrease compared to the RM311.78 million recorded for FYE 2009.

The decrease in profit was attributed to lesser contribution from its new projects which are in the early stages of development, unlike the previous year where substantial profit came from completed projects such as Casa Indah 1 and 2.

Dijaya has already achieved a sales record in excess of RM500 million in its current financial year. It is planning further project launches in the forthcoming year in order to sustain longer term performance.

It expects demand for properties in good locations to remain strong and continue to drive the property market this year.